The San Carlos Real Estate Week in Review: 8/12/24
August 12, 2024
The Recap:
Conditions are slowly starting to improve for both buyers and seller of residential real estate in San Carlos. This past week mortgage interest rates dropped ever so slightly, and they are now at the lowest level in over a year. Most experts in this market agree that this is just the beginning of a series of rate reductions that will take place as we head toward the end of 2024. This should bring more buyers back into the game while also motivating more home owners to finally take the leap and sell.
If it's any indication, my listing at 2125 Howard Avenue sold last week with multiple offers before it even hit the first open house weekend, so it appears that there is still quite a bit of pent-up demand for housing heading into the Fall market.
Inventory is still on the low side with only 13 homes for sale. I will be listing another 4BR home this week at 252 Edgehill Drive in San Carlos so stay tuned to the blog for details on this gem!
Here's what happened last week:
At A Glance
This is a high-level view of the market performance for single-family residences (SFR's) in San Carlos. This data is for the 7-day period ending Sunday 08/11/2024:| San Carlos SFR Data | 08/11/24 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 2 | 4 |
| Average Sold Price: | $2,400,000 | $1,665,417 |
| Median Sold Price: | $2,400,000 | $1,770,000 |
| Average % Sold vs Orig List Price: | 96% | 110% |
| Average Days Listed of Closed Sales | 34 | 12 |
| Average $/Sq Foot (Sold) | $1,414 | $1,544 |
| Listings Put Under Contract: | 2 | 2 |
| Total Homes Under Contract: | 12 | 11 |
| New Listings: | 3 | 4 |
| Total Active Listings: | 13 | 12 |
| Average Price of Active Listings: | $3,190,667 | $3,194,066 |
| Median Price of Active Listings: | $2,798,888 | $3,266,944 |
| Average Days of Active Listings: | 28 | 26 |
| Average $/Sq Foot (List) | $1,242 | $1,221 |
San Carlos Single-Family Residences Sold
Below is a list of the single-family home contracts that closed escrow this past week in San Carlos. Click on the address of each home to see more details and photos:| Address | Sold Price | Orig. List | Over/Under List | $/sq foot | Days Listed |
|---|---|---|---|---|---|
| 1525 Chestnut Street | $2,980,000 | $2,860,000 | +$120,000 (+4.2%) | $1,556 | 7 |
| 204 Manor Drive | $1,820,000 | $2,068,000 | -$248,000 (-12.0%) | $1,272 | 60 |
*Designates the home was sold off of the public-facing MLS.
San Carlos Single-Family Homes Pending Sale
The following single-family homes were put into contract in San Carlos last week. Click on the address of each home to see more details and photos:| Address | List Price | Days Listed |
|---|---|---|
| 2125 Howard Avenue | $2,498,000 | 4 |
| 241 Exeter Avenue | $2,198,000 | 7 |
New San Carlos Single-Family Home Listings
Below are the new listings that hit the MLS this past week in San Carlos. Click on the address of each home to see more details and photos:| Address | List Price | BR/BA | Sq Ft (home/lot) | $/Square Foot | Listed By |
|---|---|---|---|---|---|
| 1070 Upper Lupin Way | $2,499,000 | 4BR/3BA | 1,910/7,700 | $1,308 | Intero |
| 2125 Howard Avenue | $2,498,000 | 4BR/2BA | 1,530/4,680 | $1,633 | Ektra |
| 23 Bayport Court | $1,800,000 | 3BR/2BA | 1,420/6,300 | $1,268 | RE/MAX |
- Disclaimer: The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week. The data provided in this report is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction unless explicitly stated otherwise. The source of this data is the Multiple Listing Service (MLS), so the author is in no way responsible for the accuracy of the data from this source.
Posted in: